Law: Companies Ordinance, 1984

Section: 57,59,60,63,472,474

Law: Securities and Exchange Commission of Pakistan Act, (XLII of 1997)

Section: 5(5),20(6),22,33

Companies Ordinance (XLVII of 1984)--- ----Ss. 57, 59, 60, 63, 472 & 474---Securities and Exchange Commission of Pakistan Act (XLII of 1997), Ss. 5(5), 20(6), 22 & 33---SRO 154(1)/2015 dated 19-2-2015---Misstatement in the Prospectus---Powers of Commissioner Company Law Division, Securities and Exchange Commission---Appellant Bank filed application against a company under S. 474 of Companies Ordinance, 1984 which was decided by the Director Enforcement of the Commission and appellant preferred appeal before Appellate Bench of the Commission which remanded the matter to the Commissioner Company Law Division of the Commission to consider the submission of appellant in view of observations made by the Appellate Bench of the Commission---During pendency of the proceedings, as a result of delegation of adjudication powers vide SRO 154(1)/2015 dated 19-2-2015, the matter was finally decided by Commissioner Company Law Division vide impugned order, in which appellant was advised to approach relevant forum for resolution of long outstanding matter in the interest of all stake holders---Validity---Commissioner Company Law Division had powers only to enforce the existing provisions of law, but could not decide disputes between the appellant Bank and the company for which action could be initiated by Commissioner Company Law Division---Commissioner Company Law Division, had no powers to take cognizance of any offence in terms of S.474 of the Companies Ordinance, 1984; such powers only lay with a court of competent jurisdiction---Section 20(6) of Securities and Exchange Commission of Pakistan Act, 1997, only conferred executive powers on the Commission being a public body to maintain the confidence of investors, but did not give powers to determine civil and criminal liability---Appellant Bank had been unable to prove that there was a misstatement in the Prospectus---Any dispute pertaining to subsequent conversion of shares, could only be settled in a court of competent jurisdiction---Commissioner Company Law Division, could not go beyond the ambit of its powers and try to enforce the provisions of the Prospectus, which were subject to different interpretations by…

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